BUA Refinery Debunks Claim Of 90% Completion For $3.8bn Akwa Ibom Project

BUA Refinery and Petrochemicals has dismissed claims that its $3.8 billion refinery project in Akwa Ibom has reached 90% completion.

In a statement issued on Sunday, the company clarified that the report was inaccurate and urged the public to disregard it.

BUA emphasized that construction is progressing steadily but is not near the claimed milestone.

The refinery, which will have a capacity of 200,000 barrels per day, remains on schedule to meet its planned completion timeline.

“Contrary to a misleading report stating that our 200,000 barrels/day refinery is at 90 per cent completion, we wish to advise the public to disregard such misleading reports that did not emanate from us,” the company stated.

While addressing the misinformation, BUA reiterated its commitment to completing the project on time in collaboration with its partners.

It said the refinery is part of the company’s broader efforts to boost Nigeria’s refining capacity and strengthen the nation’s energy security.

In addition to the refinery, BUA highlighted other ongoing energy initiatives, including the construction of a mini-LNG plant and hybrid power stations, which will complement its existing power generation capacity of over 1,000 MW.

The company also urged the public to rely on its official channels for accurate updates.

“The public is advised to verify any news through our official channels and platforms so as not to be misled by mischievous persons,” the statement added.

BUA took the opportunity to affirm its dedication to transparency, citing its track record of completing over 12 major industrial projects worth $3.5 billion in the last decade.

“As we have consistently done with over 12 of our completed mega industrial projects worth over $3.5bn in the past 10 years, we will continue to keep you updated with verifiable and accurate information only where necessary, and as milestones are achieved,” the statement assured.

Expressing gratitude for the public’s interest in the Akwa Ibom refinery, BUA reaffirmed its mission to contribute to Nigeria’s industrial growth and energy self-sufficiency.

The refinery is expected to be completed by the end of 2025, according to the company’s management.

KanyiDaily recalls that President Bola Tinubu recently announced that the Warri Refining & Petrochemicals Company (WRPC) is now operating at 60 percent capacity.